Interventional Cardiology Devices Market Trends, Growth and Forecast up to 2020 By Hexa Research
Interventional cardiology devices are suited for procedures such as angioplasty, coronary thrombectomy and valvuloplasty. Cardiovascular disease has become the most dominant cause of mortality and morbidity in the world during the last three decades. The prevalence of cardiovascular diseases has a direct impact on the growth of the interventional cardiology devices market and therefore, growing prevalence of these diseases is expected to drive market growth during the forecast period. According to a report published by the W.H.O (World Health Organization) cardiovascular diseases will cause approximately 23.3 million deaths by 2030. Rising prevalence of unhealthy and changing lifestyle habits, such as consumption of high salt, lack of physical activities, smoking and excessive alcohol consumption is responsible for the growth of cardiovascular disease prevalence in the world. According to U.S. CDC (Centers for Disease Control and Prevention) report in 2011, congenital heart defects are the most common birth defects in the U.S., affecting approximately 1% of the births every year.
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Interventional cardiology devices based stents market dominated the overall product segment of interventional cardiology devices market in 2013 at over 70.0%. Presence of novel technologies to minimize the risk of restenosis and post-surgical complications in angioplasty procedures are the positive impact rendering drivers. Bare metal stents, drug eluting stents and bio-absorbable stents are the segments of stents market. Bare metal stents were introduced to reduce restenosis rates to 20% to 25%. However, technological advancements in the forms of drug-eluting and bio-absorbable stents have rapidly replaced bare metal stents on the grounds of higher efficacies. Bio-absorbable stent is expected to grow at the highest CAGR in the coming six years owing to growing awareness about benefits associated with these stents such as lower rates of restenosis are expected to drive the overall interventional cardiology devices market throughout the forecast period.
North America accounted for the largest share of the overall interventional cardiology devices market in 2013 at over 35% in 2013. Presence of large bases of geriatric and pediatric population and high awareness levels in developed countries are some primary factors attributing to its large share. As per American Heart Association, around 22% of the pediatric population between 6 to 17 years of age suffers from cardiac problems due to obesity. Asia Pacific market is expected to grow at the highest CAGR during the forecast period owing to increasing demand for minimally invasive interventions as these procedures result in fewer traumas to the patient and quicker recovery than invasive procedures such as open heart surgery. In addition, high unmet medical needs, improving healthcare infrastructure, rising patient disposable incomes and growing health care expenditures in emerging countries such as China and India are expected to drive interventional cardiology devices market during the forecast period.
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